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      How Momentus (MNTS) Stock Continued The Rally Afterhours?

      By Fahim Awan

      Published on

      October 31, 2023

      7:44 AM UTC

      Last Updated on

      November 1, 2023

      8:01 AM UTC

      How Momentus (MNTS) Stock Continued The Rally Afterhours?

      During the post-market trading session on Monday, Momentus Inc. (NASDAQ: MNTS) experienced a notable uptick of 4.05%, reaching a closing price of $3.60. In the regular trading hours, Momentus shares exhibited a robust increase of 6.13%, closing at $3.46. This surge in MNTS stock value can be attributed to the disclosure of the impending release of the company’s quarterly financial results.

      This Monday, Momentus (MNTS) unveiled its plan to release financial results for the third quarter of 2023. This announcement will come after the closing of the U.S. market on Tuesday, November 14, 2023. Additionally, MNTS is scheduled to host a conference call at 5:00 p.m. Eastern Time on the same day to talk about these results.

      Momentus has also recently solidified a contractual agreement with SatRev, pertaining to transportation and orbital delivery services scheduled for the year 2024. SatRev, a Polish enterprise established in 2016, specializes in the development of compact, lightweight nanosatellites.

      This collaboration between the two entities entails the transportation of SatRev’s SOWA-1 payload by Momentus during the initial quarter of the forthcoming year. It is noteworthy that SatRev’s history of fruitful collaboration with Momentus significantly underpins the ongoing partnership. The company commends Momentus for their operational efficiency and cost-effectiveness, which amplifies their mission flexibility and success, offering access to tailored orbit options and specialized services.

      The acquisition of Earth observation data holds the potential to inform and empower, and SatRev has been making commendable progress in this segment of the industry. Meanwhile, Momentus’ transportation services have earned a reputation for being efficient and economically viable, consistently guiding their customers to the most advantageous orbital destinations.

      In addition to the aforementioned partnership, Momentus has inked another contract, this time with RIDE! Space, encompassing transportation and orbital delivery services scheduled for the first quarter of 2024. RIDE! Space intends to carry its Gaindesat and Djibouti payloads on a single mission, enhancing the utilization of the available space transport capabilities.

      This development aligns with the African Space Industry Annual Report released in August, which anticipates that the African space economy will expand to over $22 billion by 2026. Momentus envisions that rideshare services will play a pivotal role in facilitating this substantial growth.

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